3Q2022 – International Small Company Growth Commentary

In a shifting economic environment, we are refining the Portfolio opportunistically

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  • Heightened geopolitical uncertainty, persistently higher inflation, rising rates, U.S. dollar strength, and concerns about slower global growth continued to be the main sources of volatility.
  • The top absolute contributors to the Portfolio’s performance over the third quarter included GB Group, Mytheresa, and Tecan Group.  The most significant absolute detractors from performance included Fevertree Drinks, Netcompany, and Euronext.
  • We initiated a position in Temenos, while exiting positions in Temple & Webster and Cellavision.  Additionally, we used the volatility to opportunistically adjust some positions.
  • We remain focused on the long-term value propositions, competitive advantages, growth opportunities, and potential earnings power of our Portfolio companies.
  • We continue to research and own companies where we believe our flywheel framework is intact and risk-adjusted returns are compelling.

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